editorNPR Digital Services RSS Generator 0.94Jim Zarroli is a business reporter for NPR News, based at NPR's New York bureau.He covers economics and business news including fiscal policy, the Federal Reserve, the job market and taxesOver the years, he's reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders and Ponzi schemers. He's been heavily involved in the coverage of the European debt crisis and the bank bailouts in the United States.Prior to moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position he covered the United Nations during the first Gulf War. Zarroli added to NPR's coverage of the aftermath of Hurricane Katrina, the London transit bombings and the September 11, 2001 attacks on the World Trade Center.Before joining the NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications.Zarroli graduated from Pennsylvania State University.NPR Digital Services RSS Generator 0.94Jim ZarroliThu, 08 Dec 2016 10:06:29 +0000Jim Zarrolihttp://wemu.org
Jim ZarroliHe was a flamboyant, alpha-male billionaire who said things no career politician ever would — someone who promised to use his business savvy to reform the system and bring back jobs. Voters believed that his great wealth insulated him from corruption, because he couldn't be bought.But his administration was marked by criminal investigations and crony capitalism.Italian Prime Minister Silvio Berlusconi was — until Donald Trump came along — the best known example of a certain type of wealthy businessman who decides to go into politics, promising that, as an outsider, he is uniquely qualified to shake up the system, says Darrell West, vice president of governance studies at the Brookings Institution."Most of the time, they win, and for exactly the same reason that Trump did, which is [that] people like business people. They think they know how to create jobs and run the economy. It's a kind of white-knight phenomenon," West says.In the former Soviet republic of Georgia, Bidzina "Boris"When It Comes To Wealthy Leaders, World Abounds With Cautionary Taleshttp://wemu.org/post/when-it-comes-wealthy-leaders-world-abounds-cautionary-tales
84440 as http://wemu.orgTue, 06 Dec 2016 22:21:00 +0000When It Comes To Wealthy Leaders, World Abounds With Cautionary TalesJim ZarroliPresident-elect Donald Trump has chosen Wilbur Ross Jr., a billionaire investor and turnaround specialist, as his commerce secretary.Ross announced his selection Wednesday during a joint CNBC interview with longtime Wall Street banker Steve Mnuchin, Trump's pick for Treasury secretary."Wilbur Ross is a champion of American manufacturing and knows how to help companies succeed," Trump said in a statement announcing his choice. "Wilbur knows that cutting taxes for working families, reducing burdensome government regulations and unleashing America's energy resources will strengthen our economy at a time when our country needs to see significant growth."Ross, 79, is a donor and longtime associate of Trump's, having helped him resurrect his casino company after it went bankrupt in the early 1990s.Over the years, Ross has grown rich by buying troubled companies in industries such as steel, textiles, auto parts and coal and restructuring them, often with significant layoffs and budget cuts.Trump Taps Billionaire Investor Wilbur Ross For Commerce Secretary http://wemu.org/post/trump-taps-billionaire-investor-wilbur-ross-commerce-secretary
84204 as http://wemu.orgWed, 30 Nov 2016 12:54:00 +0000Trump Taps Billionaire Investor Wilbur Ross For Commerce Secretary Jim ZarroliThe Donald J. Trump Foundation has acknowledged in a tax filing that it violated the ban against "self-dealing," or using its assets to help its leader's business or personal interests, The Washington Post reported.The Post quoted copies of the foundation's 2015 IRS tax returns, which had been uploaded, apparently by the foundation's attorneys, to a nonprofit tracking site called GuideStar. The newspaper said it hadn't yet confirmed whether the forms had actually been sent to the IRS.The returns asked whether the foundation has transferred "income or assets to a disqualified person" or had engaged in any acts of self-dealing in past years. In both cases, the foundation checked the box for "Yes."There was no indication what the returns were referring to, or what kind of self-dealing might have taken place.Trump's transition team did not respond to a request for comment.Under IRS regulations, an admission of self-dealing by the leader of a nonprofit foundation can lead to a fine.TheTrump Foundation's Tax Returns Reportedly Acknowledge Violating IRS Rulehttp://wemu.org/post/trump-foundations-tax-returns-reportedly-acknowledge-violating-irs-rule
83981 as http://wemu.orgTue, 22 Nov 2016 19:39:00 +0000Trump Foundation's Tax Returns Reportedly Acknowledge Violating IRS RuleJim ZarroliWhen comedian Bill Maher offered $5 million to Donald Trump if he could prove he wasn't the son of an orangutan, Trump did something he's done many times before: He sued.During Trump's decades-long business career, the president-elect has been named in more than 4,000 suits, either as a plaintiff or defendant, in everything from branding and contract disputes to defamation cases, according to a report in USA Today last summer. Close to half the cases involve gamblers who hadn't paid their debts at Trump's casinos."The number of lawsuits that may now be in existence, I think, are way ahead of anything we might ever again expect of any president of the United States," says Stephen Gillers, a professor at New York University Law School.Last week, Trump agreed to do something he had vowed not to do, when he settled a series of suits involving his real estate seminar Trump University for $25 million, just as the case was about to go to trial. The program was accused of defraudingTrump Has Faced Many Lawsuits. Will Litigation Influence His Presidency?http://wemu.org/post/trump-has-faced-many-lawsuits-will-litigation-influence-his-presidency
83939 as http://wemu.orgMon, 21 Nov 2016 12:37:00 +0000Trump Has Faced Many Lawsuits. Will Litigation Influence His Presidency?Jim ZarroliJPMorgan Chase and its Hong Kong affiliate have agreed to pay a total of $264 million in fines to settle allegations that the bank hired the friends and relatives of Chinese government officials in exchange for business.The bank isn't being formally charged with wrongdoing, but by agreeing to pay the fines, it brings a three-year investigation by the U.S. government to a close."Creating a barter system in which jobs are awarded to applicants in exchange for lucrative business deals is a corrupt scheme in and of itself," William F. Sweeney Jr., assistant director in charge of the FBI's New York Field Office, said in a statement. "But when foreign officials are among those involved in the bribe, the international free market system and our national security are among the major threats we face."U.S. officials say that beginning in 2006, senior bank officials based in Hong Kong set up a program known as "sons and daughters" to hire people referred by clients and government officials.ThoseJPMorgan Chase Paying $264 Million To Settle Allegations Of Nepotism In China http://wemu.org/post/jpmorgan-chase-paying-264-million-settle-allegations-nepotism-china
83814 as http://wemu.orgThu, 17 Nov 2016 20:09:00 +0000JPMorgan Chase Paying $264 Million To Settle Allegations Of Nepotism In China Jim ZarroliFederal law says anyone who works for the executive branch of the government has to avoid conflicts of interest. The Treasury secretary cannot own stock in a big bank, for instance. And Richard Painter, who served as ethics adviser under President George W. Bush, says different administrations have typically been scrupulous about following the law."Whenever anyone was even considering a position that would be appointed by the president, I would discuss with that person the need to sell off assets that create conflicts of interest," Painter says.But ironically the law that bars conflicts of interest for, say, a deputy assistant cabinet secretary, doesn't apply to the president or vice president. That means President-elect Donald Trump can continue to operate his vast network of businesses while serving as president. Trump has said he won't do that. He says he'll let his three grown children run his companies instead.The ranking Democrat on the House Oversight Committee, Elijah CummingsCritics See Legal, Political Risks If Trump Keeps Ties To His Businesseshttp://wemu.org/post/critics-see-legal-political-risks-if-trump-keeps-ties-his-businesses
83696 as http://wemu.orgMon, 14 Nov 2016 22:44:00 +0000Critics See Legal, Political Risks If Trump Keeps Ties To His BusinessesJim ZarroliFor 130 years, the hulking Bethlehem Steel Mill dominated the economy of eastern Pennsylvania's Northampton County, providing jobs for generations of residents. Today, it's been replaced by a Sands Casino."It was thousands of jobs. The entire south side of Bethlehem was built for the residents, the employees of Bethlehem Steel. Now it's nothing," says county resident Keith Hornik, who works at his family's construction company.To Hornik and others, there's a direct line between the closure of the steel mill in 1995 and the fact that the bellwether county swung to Donald Trump over Hillary Clinton in Tuesday's election, by a vote of 49.6 to 45.8 percent. Four years ago, Barack Obama beat Mitt Romney by nearly 5 percentage points.With its mix of office parks and cement plants, cornfields and superstores, Northampton County has a fairly diverse economy, fueled in part by an influx of commuters from the Greater Philadelphia and New York City areas. New housing developments are popping upTrump Won Their Vote. Now They Want Him To Meet Expectationshttp://wemu.org/post/trump-won-their-vote-now-they-want-him-meet-expectations
83595 as http://wemu.orgFri, 11 Nov 2016 23:41:00 +0000Trump Won Their Vote. Now They Want Him To Meet ExpectationsJim ZarroliNever before has someone ascended to the presidency owning the kind of complex network of businesses that Donald Trump operates. Trump has promised to turn his company over to his three grown children to run once he's sworn in. But he has refused to do what other presidents have done to insulate himself from conflicts of interest.Trump's new hotel on Pennsylvania Avenue in Washington, not far from the White House, is built in a grand old federal post office building. He had to negotiate with the General Services Administration to build it, and the lease allows him to renegotiate the terms under certain conditions.Trevor Potter, former head of the Federal Election Commission, says that represents a big conflict of interest for the president-elect."You're going to have a situation where the president appoints the head of GSA, and then the president's most visible asset in Washington is potentially subject to negotiation with that person over the terms of the lease and any changes in theDonald Trump's Businesses Pose New Conflict Of Interest Questionshttp://wemu.org/post/donald-trumps-businesses-pose-new-conflict-interest-questions
83534 as http://wemu.orgThu, 10 Nov 2016 15:31:00 +0000Donald Trump's Businesses Pose New Conflict Of Interest QuestionsJim ZarroliThe rallies and debates, the tweets and the fundraisers, the wearying last-minute swings through the same half-dozen or so battleground states — all that is winding down at last.Today it was time for the two major presidential candidates to perform the Election Day ritual of casting their own votes, just like average Joes, except for the fact that average Joes aren't usually trailed by dozens of reporters and TV cameras."I know how much responsibility goes with this, and so many people are counting on the outcome of this election, and what it means for our country, and I'll do the very best I can if I'm fortunate enough to win today," said Hillary Clinton, who showed up Tuesday morning at her crowded polling place in the New York City suburb of Chappaqua.The former secretary of state and her husband, Bill Clinton, voted early — just after 8 a.m. But the Democratic nominee was a laggard compared with her running-mate, Virginia Sen. Tim Kaine, who appeared at his polling place inIt's All Over But The Voting, As Trump And Clinton Cast Their Ballotshttp://wemu.org/post/its-all-over-voting-trump-and-clinton-cast-their-ballots
83436 as http://wemu.orgTue, 08 Nov 2016 17:31:00 +0000It's All Over But The Voting, As Trump And Clinton Cast Their BallotsJim ZarroliWhen news broke Friday that the FBI had discovered emails that might be pertinent to its investigation of Democratic presidential candidate Hillary Clinton, stock prices suddenly took a tumble.The decline can be explained by an unusual development in this year's long, contentious presidential campaign, says Eric Zitzewitz, a professor of economics at Dartmouth College.For the first time in history, the financial markets seem to prefer the Democratic candidate for president over the Republican, and anything that lessens her chances of victory is likely to hurt asset prices, according to a paper written by Zitzewitz and Justin Wolfers, a professor of economics and public policy at the University of Michigan."This election is going to be a very big deal economically. That's what we're finding," Zitzewitz said in an interview with NPR.The paper says a victory by Trump would have a much bigger impact on stock, energy and currency prices than previous elections. The Standard As Trump's Odds Of Victory Rise, Financial Markets Get Nervoushttp://wemu.org/post/trumps-odds-victory-rise-financial-markets-get-nervous
83246 as http://wemu.orgThu, 03 Nov 2016 20:16:00 +0000As Trump's Odds Of Victory Rise, Financial Markets Get NervousJim ZarroliSome of the country's most prominent economists have signed a letter warning that Donald Trump is a "dangerous, destructive" choice for president and urging voters to choose someone else.The letter, first reported by The Wall Street Journal, was signed by 370 economists, including eight Nobel Prize winners.The text stops short of endorsing Democrat Hillary Clinton, though, and doesn't criticize Trump on ideological grounds. Instead, it says he has made repeated statements aimed at misleading the public about jobs and growth:"He misinforms the electorate, degrades trust in public institutions with conspiracy theories, and promotes willful delusion over engagement with reality. If elected, he poses a unique danger to the functioning of democratic and economic institutions, and to the prosperity of the country."Among other things, Trump has told voters that renegotiating the North American Free Trade Agreement or imposing tariffs on China would increase manufacturing jobs, the letter saysEconomists Warn: Trump 'Promotes Magical Thinking And Conspiracy Theories'http://wemu.org/post/economists-warn-trump-promotes-magical-thinking-and-conspiracy-theories
83163 as http://wemu.orgTue, 01 Nov 2016 21:09:00 +0000Economists Warn: Trump 'Promotes Magical Thinking And Conspiracy Theories'Jim ZarroliCopyright 2016 NPR. To see more, visit http://www.npr.org/.AT&T To Buy Time Warner For $85 Billionhttp://wemu.org/post/att-buy-time-warner-85-billion
82812 as http://wemu.orgSat, 22 Oct 2016 21:40:00 +0000ATJim ZarroliIf presidential candidates Hillary Clinton and Donald Trump were consumer products, they wouldn't exactly be flying off the shelves, according to a firm that studies brand loyalty.The Reputation Institute, which gauges how consumers view companies, politicians and even countries, gives Republican nominee Trump what it calls an overall "pulse score" of 31.7. Democratic nominee Hillary Clinton rates a bit better, at 38.7.Any score less than 40 qualifies as having a "poor reputation," the firm says."Fundamentally, neither candidate has yet to capture the imagination of the American people based on the positive allure of their personal brands," a report released by the the Reputation Institute says."While Clinton maintains a slightly better reputation than Trump, the lack of emotional connection with her campaign and candidacy still renders her in a position of risk. Trump on the other hand is 7-pulse points behind Clinton on the merits of reputation, and has a significant amount of workUnlike Your Favorite Cereal, Clinton And Trump Don't Inspire Brand Loyaltyhttp://wemu.org/post/unlike-your-favorite-cereal-clinton-and-trump-dont-inspire-brand-loyalty
82620 as http://wemu.orgTue, 18 Oct 2016 09:02:00 +0000Unlike Your Favorite Cereal, Clinton And Trump Don't Inspire Brand LoyaltyJim ZarroliWells Fargo's board of directors is trying to determine whether to claw back pay for top executives in response to the scandal involving unauthorized customer accounts, The Wall Street Journal reported.The Journal, citing a source familiar with the matter, said the bank wants to resolve the issue before CEO John Stumpf testifies before the House Financial Services Committee on Thursday.A spokesman for the bank refused to confirm or deny the report.Earlier this month, Wells Fargo said it had agreed to pay $185 million to settle charges that it opened some 2 million deposit and credit card accounts for its customers without their permission over a five-year period.At a Senate Banking Committee hearing last week, Stumpf was sharply criticized over the fact that the bank has fired some 5,300 employees connected to the illegal sales practices without taking any action against senior executives."Have you returned one nickel of the millions of dollars that you were paid while this scandal wasReport: Wells Fargo Considers Clawing Back Executive Pay Over Fake-Account Scandalhttp://wemu.org/post/report-wells-fargo-considers-clawing-back-executive-pay-over-fake-account-scandal
81899 as http://wemu.orgTue, 27 Sep 2016 18:58:00 +0000Report: Wells Fargo Considers Clawing Back Executive Pay Over Fake-Account ScandalJim ZarroliThis month federal regulators fined Wells Fargo $185 million for opening checking and credit card accounts on behalf of customers who had no idea that was happening. The bank has promised to try to make restitution.But that's a lot harder than it sounds. A big question is how to compensate people whose credit scores were hurt by what the bank did.Regulators say that over a five-year period some 2 million credit card and deposit accounts were opened that may not have been authorized by the bank's customers. And though no one knows for sure, it's almost certain that the accounts had a big impact on customers' credit scores.For one thing, each time a credit card is issued to a consumer, it's noted on that person's credit report. And that's just the beginning of the potential problems."If that account had an annual fee, the consumer doesn't know about this account, they don't pay the annual fee," says Chi Chi Wu, a staff attorney at the National Consumer Law Center. "So now the consumerWells Fargo's Unauthorized Accounts Likely Hurt Customers' Credit Scoreshttp://wemu.org/post/wells-fargos-unauthorized-accounts-likely-hurt-customers-credit-scores
81873 as http://wemu.orgMon, 26 Sep 2016 20:53:00 +0000Wells Fargo's Unauthorized Accounts Likely Hurt Customers' Credit ScoresJim ZarroliThe founder of Rolling Stone is selling a minority share of the fabled magazine to a Singapore-based social media entrepreneur, the first time an outside investor has been allowed to buy into the property.Several media reports say Jann Wenner has decided to sell 49 percent of the magazine, as well as its digital assets, to BandLab Technologies, a social-networking site for musicians and fans.The sale will not involve Rolling Stone's parent company, Wenner Media LLC, and Wenner will retain control of the magazine, The Wall Street Journal reports. Instead, BandLab "will oversee a new Rolling Stone International subsidiary, which will develop live events, merchandising and hospitality," Bloomberg reports.The sale comes at a time when Rolling Stone, like virtually every publication, has seen its revenues slip and its subscriber base shrink. It also suffered a major blow to its reputation when it published an article about a purported gang rape at a University of Virginia fraternity that'Rolling Stone' Sells Minority Share Of Magazine To Singapore Entrepreneurhttp://wemu.org/post/rolling-stone-sells-minority-share-magazine-singapore-entrepreneur
81837 as http://wemu.orgSun, 25 Sep 2016 20:21:00 +0000'Rolling Stone' Sells Minority Share Of Magazine To Singapore EntrepreneurJim ZarroliJoel Bowen slips slowly down a telephone pole, his boots fixed with little metal spears to grip the wood."It's just like starting all over again, but I figure a couple of years the money will start rolling in better," he says, his face dripping with sweat from the Kentucky humidity. "It has to be better on my health. I won't be breathing in the coal dust and the rock dust no more."At 48, after spending years below ground in the coal mines, Bowen is preparing to work in the sky. He's enrolled in a 12-week program co-sponsored by the Hazard Community and Technical College and the Eastern Kentucky Concentrated Employment Program, an effort to find new work for some of the thousands of coal miners who have been laid off in recent years.Most of the men in the program are leaving coal reluctantly. Although the outside world may see mining as dangerous, backbreaking work, coal is woven into the fabric of life in eastern Kentucky, and jobs in the industry pay well and provide plenty ofEastern Kentucky Tries To Keep Former Coal Miners From Leavinghttp://wemu.org/post/eastern-kentucky-tries-keep-former-coal-miners-leaving
81083 as http://wemu.orgSat, 03 Sep 2016 14:01:00 +0000Eastern Kentucky Tries To Keep Former Coal Miners From LeavingJim ZarroliCopyright 2016 NPR. To see more, visit SIEGEL, HOST: Apple is vowing to appeal the ruling by the European Union ordering the U.S. tech giant to pay more than $14 billion in back taxes. EU regulators announced the long awaited ruling earlier today, saying the tax arrangement between Apple and the Irish government is illegal and gives Apple an unfair advantage over its competitors. NPR's Jim Zarroli reports. JIM ZARROLI, BYLINE: EU officials say that for years Apple benefited from a complex agreement that essentially allowed it to escape paying taxes on many of the products it sold overseas. The sales were recorded by a pair of subsidiaries called Apple Sales International and Apple Operations Europe. The head office for these two entities was ostensibly in Ireland. Margrethe Vestager, the EU's competition commissioner, spoke at a press conference today. (SOUNDBITE OF PRESS CONFERENCE) MARGRETHE VESTAGER: This so-called head office only existed on paper. It has no employees. It has noEuropean Commission Orders Apple To Pay $14.5 Billion In Taxeshttp://wemu.org/post/european-commission-orders-apple-pay-145-billion-taxes
80947 as http://wemu.orgTue, 30 Aug 2016 22:24:00 +0000European Commission Orders Apple To Pay $14.5 Billion In TaxesJim ZarroliTalks aimed at setting up a U.S.-European free trade zone have run aground because of intransigence on Washington's part, a top German politician said Sunday."In my opinion the negotiations with the United States have de facto failed even though nobody is really admitting it," said Sigmar Gabriel, German vice chancellor and economy minister, in an interview with the broadcaster ZDF on Sunday.The Obama administration and the 28-member European Union have been in talks to set up the Transatlantic Trade and Investment Partnership, or TTIP, which would be the world's largest free trade zone.But negotiations have reportedly stalled because of the unexpected decision by Britain to leave the EU and because of growing public opposition to trade agreements on both sides of the Atlantic.Gabriel said the U.S. and the EU haven't agreed on a single item out of 27 chapters being discussed, despite 14 rounds of talks, and he said Washington was "angry" about a similar trade agreement struck betweenGerman Official Says U.S.-Europe Trade Talks Have Collapsed, Blames Washingtonhttp://wemu.org/post/german-official-says-us-europe-trade-talks-have-collapsed-blames-washington
80864 as http://wemu.orgSun, 28 Aug 2016 20:30:00 +0000German Official Says U.S.-Europe Trade Talks Have Collapsed, Blames WashingtonJim ZarroliIt's a line that draws thunderous applause at Republican presidential candidate Donald Trump's campaign rallies, one that can sometimes even bring the crowd to its feet: Let's bring back America's lost manufacturing jobs.And is there any question why? The United States has lost nearly 5 million manufacturing jobs since 2000 alone, hollowing out factory towns all over the country and leaving countless working-class Americans struggling.Getting those jobs back is a goal that politicians of all stripes eagerly line up behind. But the plain truth is that, legally speaking, there's not a lot that Trump or any other president could do to bring those jobs back, without an act of Congress.Presidents simply don't have the power to tell companies whom to hire or where to manufacture, says Jeffrey Bergstrand, professor of finance at the Mendoza College of Business at the University of Notre Dame."Firms are going to make the decisions for their shareholders. If he wants to do this, he is going toBringing Back Manufacturing Jobs Would Be Harder Than It Soundshttp://wemu.org/post/bringing-back-manufacturing-jobs-would-be-harder-it-sounds
80447 as http://wemu.orgThu, 18 Aug 2016 09:05:00 +0000Bringing Back Manufacturing Jobs Would Be Harder Than It Sounds